Current News

by Erin Mansfield vtdigger.org A plan for a large development off I-89 in Randolph drew stiff criticism in a preliminary environmental review hearing Friday. Jesse “Sam” Sammis wants to build a 1.15-million-square-foot, 173-acre project on farmland just off the Exit 4 ramp of Interstate 89. The Green Mountain Center project would include a visitors center, a store for showcasing Vermont products, a hotel and more than a dozen single-family homes and buildings for light industrial companies.

Critics of Green Mountain Center complain that Jesse “Sam” Sammis did not come to an environmental hearing on Friday with enough information to prove that the project would meet two key criteria under Act 250, the state’s land use development law. The hearing took place before the District 3 Environmental Commission, which reviews projects under the auspices of the state’s Natural Resources Board.

Vermont Business Magazine The winners of Vermont's 2015 moose hunting permits were determined Thursday, July 16, at a lottery drawing in Barre. Governor Peter Shumlin, standing alongside Fish & Wildlife Commissioner Louis Porter, started the computer-generated selection process that randomly picked 265 winners from more than 9,500 lottery applicants. The drawing is done by a random sort of applications that were submitted by a June 17, 2015 deadline. As part of the regular lottery drawing, a "special priority drawing" was held for five permits to go to applicants who have received, or are eligible to receive, a Campaign Ribbon for Operation Iraqi Freedom or Operation Enduring Freedom in Afghanistan. The unsuccessful applicants from the Iraqi-Afghanistan drawing were included in the larger regular drawing that followed.

Vermont Business Magazine The Rural Community Transportation has a new home in the St Johnsbury/Lyndon Industrial Park. The public transportation agency recently moved its offices from Portland Street in St Johnsbury to its new Industrial Parkway location. Executive Director Mary Grant and RCT representatives invited the community to tour its new digs at a recent open house and ribbon cutting, and about 50 community leaders and residents were welcomed to the open house, which also included a building dedication and barbecue.

Vermont Business Magazine According to the Vermont Attorney General's office, Carmen Gross, age 40, of East Corinth was arraigned on two felony counts of Financial Exploitation of a Vulnerable Adult on July 8, 2015, in the Vermont Superior Court, Orange Criminal Division, in Chelsea. According to court documents, in 2012-13, while acting as power of attorney for a vulnerable adult, Gross spent more than $40,000 of the vulnerable adult’s US Treasury and Social Security income and funds held in two bank accounts for her own personal benefit.

Vermont Business Magazine Weekly unemployment claims in Vermont were up slightly last week after a big decline last week. Claims are typically low during the summer. There were 496 new, regular benefit claims for Unemployment Insurance in Vermont, an increase of 31 from the previous week's total and 88 fewer than they were a year ago. Generally, claims have been running below last year's totals.

Altogether 4,590 new and continuing claims were filed, an increase of 243 from a week ago, and 593 fewer than a year ago. The Department processed 0 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08). The total for all programs was 4,590 claims, 243 more than last week, and 601 fewer than the same time last year.

Vermont Business Magazine People's United Financial, Inc (NASDAQ: PBCT), the parent company of People's United Bank with branches throughout Vermont, on Thursday reported net income of $61.7 million, or $0.20 per share, for the second quarter of 2015 (Return on Assets .70 percent), compared to $72.3 million, or $0.24 per share, for the second quarter of 2014 (ROA .72 percent), and $59.2 million, or $0.20 per share, for the first quarter of 2015. Included in the results for the second quarter of 2014 is a net after-tax gain of $13.4 million ($0.04 per share) resulting from the formation of a merchant services joint venture. Operating earnings were $63.7 million, or $0.21 per share, for the second quarter of 2015, compared to $59.9 million, or $0.20 per share, for the second quarter of 2014, and $63.2 million, or $0.21 per share, for the first quarter of 2015.

Vermont Business Magazine Darn Tough Vermont, American manufacturer of the fastest growing collection of performance outdoor and lifestyle socks, has reported a record second quarter with topline growth, up 60 percent over the corresponding period in 2014. The Northfield-based company expects to keep expanding and add 300 workers over the next five years. It has about 165 now. The company also reported June 2015 figures, posting a 79 percent increase over June 2014. These results represent a continuation of three years of unprecedented growth for the domestic producer of high-quality, unconditionally guaranteed socks. Darn Tough does not release actual revenue figures.

Vermont Business Magazine Vermont Secretary of State Jim Condos announced Thursday that candidates, PACs, and parties involved in the 2016 election have successfully completed the first mandatory online disclosure filing in the new web-based campaign finance filing system. Wednesday, July 15, was the first campaign finance filing deadline for the 2016 election cycle, and the first time it became mandatory.

“Vermont is now at the forefront of the growing movement to bring greater transparency to campaign financing,” Condos said.

“An online campaign finance filing system that provides searchable information for the general public, in real time, has been long overdue,” Condos continued. “I am pleased to provide Vermonters with this powerful tool to gain more meaningful access to the very important information contained in campaign finance disclosures.”

Vermont Business Magazine Fitch Ratings affirms the state of Vermont's $31.4 million of special obligation transportation infrastructure bonds at 'AA'. The Rating Outlook is Stable. The bonds are special, limited obligations of the state, payable from Motor Fuel Transportation Infrastructure Assessments.

KEY RATING DRIVERS

FIRST LIEN ON DEDICATED TAX REVENUE: The state of Vermont has granted to bondholders a first lien on dedicated gasoline and diesel fuel assessments. Pledged funds are segregated in the Transportation Infrastructure Bond (TIB) Fund. The expenditure of such funds is statutorily limited to debt service and, once debt service has been accumulated for the fiscal year, pay-go capital expenditures for transportation projects.

ADEQUATE ADDITIONAL BONDS TEST: Additional leveraging of the pledged revenue stream requires 2 times (x) coverage of projected maximum annual debt service (MADS).

Vermont Business Magazine The Permanent Fund for Vermont’s Children today announced the launch of Vermont Birth to Five (VB5), bringing together the work of Vermont Birth to Three (VB3) and the Vermont Community Preschool Collaborative (VCPC) to ensure greater coordination of efforts toward achieving the Permanent Fund’s mission, which is to assure that every Vermont child has access to high quality, affordable early care and education.

The announcement comes as legislation signed by Governor Shumlin in June promises to shine a light on early childhood issues by establishing a Blue Ribbon Commission On Financing High Quality, Affordable Childcare.

Vermont Business Magazine Vermonters will get a first-hand look at the latest break-through in electric motor vehicles, featuring separate front and rear drives. California-based Tesla (NASDAQ: TSLA) recently announced that its Model S worldwide has driven more than one billion miles. To celebrate, Tesla kicks off The Next Billion Tour on Friday to give customers across the country the opportunity to get behind the wheel of Model S and experience the benefits of going electric. The electric-only car will be in Burlington August 8 and 9.

by Timothy McQuiston Vermont Business Magazine Vermont wants to increase passenger and freight service on the nearly 600 miles of track in the state by expanding Amtrak service to places like Bennington and Montreal, while upgrading the system to more consistently carry heavy loads. While everyone can agree that this would be an economic enhancement to the state, and some would advocate for it based on energy and environmental goals, how it is going to be paid for always has been the principal impediment. The federal government is the main funding source for rail upgrades and the state has subsidized Amtrak service.